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00:00:30Today my take is entitled better late
00:00:33of than never, the 30-day f relief
00:00:37or is it fake rehazar? Last
00:00:41Thursday, October the 8th, the federal government
00:00:44through the coordinating minister for the economy,
00:00:47That announced what it carefully refused to
00:00:51call a
00:00:52of subsidy, a 30-day petrol price discount
00:00:56at NMPC retail stations nationwide.
00:01:01now NNPC retail, according to the plan, we
00:01:05forgoe its profit margin and sell at
00:01:08cost, if landing cost is
00:01:101,300, you buy in those
00:01:14stations for
00:01:151,300 nar.
00:01:19of now no draw down from the federational account they
00:01:22say, and it is called an independence
00:01:25season
00:01:31at 1,350 nar
00:01:34of landing cost sailing to be revealed monthly, on
00:01:38paper they call it relief, but in reality
00:01:42is it
00:01:43a relief or is it fake
00:01:47rehazar or is it a little too
00:01:51late?
00:02:00discount, whatever name is call,
00:02:02of did not come from sudden burst of
00:02:05empathy by the tun administration, it
00:02:09came because artiku
00:02:11abubakar forced it
00:02:14practically. on October 1st, former vice
00:02:18a president, who is the presidential candidate of ADC, proposed
00:02:22caped budgetted production subsidy to sell
00:02:25crude below international price to domestic
00:02:29refinery. including dangute and other modular
00:02:32refinaries is running
00:02:35of mate, has been heat,
00:02:38sell at
00:02:40of 10,000
00:02:40of if
00:02:41of what price is 15, he suggested. now within
00:02:457 days a government that said subsidy is gone
00:02:49forever, announced discount at
00:02:52cost, an article camp mocked, like
00:02:55doll student, they responded, you copied my subsidy proposal.
00:03:00are poorly now, whether you like him or not,
00:03:04article has made the f prize a
00:03:07227 presidential poll
00:03:10question, and he has forced a consistent
00:03:14reaction from
00:03:15the federal government, so clearly
00:03:17of democracy is winning. second point, now is
00:03:21this last minute empathy
00:03:23indeed? for three years, Nigerians have
00:03:27been told, be patient,
00:03:30sacrifice, reforms we pay.
00:03:33of now on September the 30th, the NLC
00:03:37said, we stand at the cross roads of a
00:03:41full scale survivor crisis. petrol now
00:03:45selling at 1,430 or higher, he
00:03:48said, and with campaigns kicking off,
00:03:52and the president himself being to start October 24 in
00:03:56Kaduno, the government suddenly discovers:
00:04:00that NMPC can sell that cost for 30
00:04:02of days, if you can do cost price in
00:04:06October 2026 and 2025 when Nigerians
00:04:10were really being crushed, we are
00:04:14thinking that this is not a government that just
00:04:16realized that as the election is coming
00:04:20closer, the suffering
00:04:22of the people is now becoming compelling. third
00:04:27of point, too little, too late and
00:04:30of low, why? for whatever it is worth and
00:04:34whatever it is called, this discount is certainly too
00:04:37low and likely going to be insignificant. let's do
00:04:41the maths or arithmetic, whichever one you prefer.
00:04:45market price is 1,430,
00:04:49even 1,450 in some places, so
00:04:53NLPC cost is about 1,360 to
00:04:561,364, so the so call relief is
00:05:0066 n at best 90 now that
00:05:04is less than 7% discount for
00:05:08a transporter who burns 30,000 fair
00:05:12daily. that is just about 1,400
00:05:15savings, we that reduce the fear from
00:05:18ojota to hodi, no
00:05:22now, for family already crushed by food
00:05:24inflation, what with 66 n
00:05:28had to the price of rice, you cannot
00:05:31offer 7% or less relief
00:05:35after a 300% pain and
00:05:39call it cushioning, okay?
00:05:42now it guess what, it's even limited
00:05:46only to NMPC retail stores, less than
00:05:4950% of outlets nationwide are going to be
00:05:53affected, so what is a
00:05:55farmer or a farmer in
00:05:58guzo have to gain, what prevents one
00:06:02station from causing long quells and safety
00:06:06hazards while oters sell at
00:06:091,430, now one day
00:06:12clear in all of this, like I said earlier, democracy
00:06:16at least is winning. now this is my last and fourth
00:06:20point, the big elephant in the room is corruption, federal
00:06:24government says no return to subsidy, opposition says our subsidy
00:06:27is different, production, not importation, but none
00:06:31them is saying that we will jail those who bled
00:06:35subsidy for 20 years and make our refinaries
00:06:39work, either them a saying that. and this
00:06:43is why princess
00:06:46the SDP comes, he says that our four
00:06:50refineries are barely 50 years old and
00:06:54refineries in the US for instance are over 100
00:06:58years and still working, he argues,
00:07:01fix them, license 36 modular
00:07:05refineries, restore the 45000 barrels
00:07:09per day domestic allocation for crude.
00:07:13even promised to make the price 200 n per
00:07:17liter in 12 months. now you may call
00:07:21the 200 populist and we can debate the details of that
00:07:25idea, but abbious
00:07:28diagnosis is correct. we are crud
00:07:31producing nation that has refused to refine at
00:07:35home for a long time up until dam gote refinary came
00:07:39on board lately. so be the t.
00:07:42people or the article position, the narrative ignores
00:07:46corruption on both sides the debate.
00:07:49Nigerians, shine your eyes, like they say on the
00:07:53street. Buari was right and is still
00:07:56right. If we don't kill
00:07:59corruption, corruption will kill us. It has corroded
00:08:02many things, especially in the oil and gas
00:08:06sector. So let's say it again, if we don't kill corruption,
00:08:10especially in that sector, corruption. is going to kill us, may
00:08:14that day never come, and
00:08:24to
00:08:24inside sources, today i'm leading the show with the conversation uh with my very good
00:08:28friend who has become the spokesperson the main
00:08:30opposition uh, is the presidential
00:08:34spokesperson for the articu abu bakar campaign a
00:08:37lawyer and a leading nollywood
00:08:40actor, like to back to inside sources, mr.
00:08:44kenko, good to
00:09:13been uh uh your campaign and that the government is
00:09:16is is becoming really really uh exciting uh in my
00:09:20take today I actually gave the credit to atiko Abubakar
00:09:24for turning the subsidy matter into an
00:09:28electoral issue and it's good for democracy but I want to
00:09:32start with your own uh response
00:09:36to what it is that uh the coordinating minister the economy
00:09:40said
00:09:40you know on Thursdays he said" " that hey, look, we're going
00:09:44to uh make sure that there is this discount, we're going to put
00:09:48a ceiling, NMPC is going to be sending at cost uh,
00:09:52and they said very clearly that this is not a subsidy, how do you respond to
00:10:28my problem is that I feared that if he's incorporated
00:10:32into the government, APC would poison him with the
00:10:36allies,
00:10:38remember was sacked because he did
00:10:42not told the lie of Tinubu. Tinubu
00:10:46once came and declared that by August he has gotten all the
00:10:50revenue that they projected, whale do came and
00:10:54say sir, it it's just
00:10:5725% the revenue was talking about this sector
00:11:01or this sector and from that day i knew his days we are
00:11:04numbered there is no way you can serve t or
00:11:08APC government without being a liar
00:11:12now they used to
00:11:14replace and
00:11:16then
00:11:22now has now started lying like
00:11:26them, can you imagine coming out to
00:11:30say that you're giving a
00:11:32discount for 30
00:11:35days, you acknowledge that the price was
00:11:381,500, but you're going to capit at
00:11:411,350, 50, which is the
00:11:45cost, landing cost, good, now what is
00:11:49subsidy? subsidy is defined
00:11:53as a fin aid or
00:11:56support typically provided by
00:12:00a government or organization and
00:12:03giving to an individual or
00:12:06business or
00:12:08institution or
00:12:11industry to reduce cost or
00:12:15promote social or promote
00:12:18social or economy goals now
00:12:22what were they trying to do they were trying? to reduce
00:12:25cost,
00:12:27they acknowledged by themselves that the cost was becoming unbearable for
00:12:31the people and they have to interven to give relief for
00:12:35the people, and they say it's not subsidy, then the whole idea of subsidy has to
00:12:39be redefined, because what he did
00:12:43is exactly the definition of subsidy, and
00:12:46now and
00:12:48do you why they did it to cover their shame, because they have repeatedly said
00:12:52that they will never bring subsidy. and article
00:12:56even pleaded with them, don't bother, take my
00:13:00idea, redeem it by whatever
00:13:04name for the benefit the welfare the people,
00:13:08because your prize is becoming
00:13:10unsustainable, so sorry to say
00:13:13this, lied when he said it was not
00:13:16subsidy,
00:13:38good, so they are copying it and because they want to hide
00:13:41that they are not doing it, they are making a mess of it, and let me point
00:13:45out this, have you noticed the danger in their own
00:13:49properted subsidy, they want to return to the corrupt
00:13:53import related subsidy that they were operating,
00:13:56how? NMPC is not producing any one liter of refined foil in
00:14:00Nigeria. Okay, so the price they are reducing is the price of
00:14:04imported fuel by NMPC, because
00:14:07NMPC is not taking from Dangote at all. And
00:14:11they want to reintroduce the corrupt
00:14:14subsidy that they were operating. If
00:14:18you listen to Tairo, Thaiwo said, once
00:14:22you go into that subsidy, you will see people now. when it is
00:14:2650 million l, they will say 70 million l, and
00:14:30that is the subsidy they want to go in now to start
00:14:33saying that whatever cost they give to NMPC, those
00:14:37NMPC, they will tell you the profit they would have made is trillions of n, why
00:14:41is that different from articles home
00:14:48when you do that import related subsidy, you are not
00:14:51subsidizing the refinery outside the country that is... listen it,
00:14:55you are now subsidizing employment
00:14:58overseas, you are now encouraging the shipping
00:15:02that will bring in the refined product, and most
00:15:05probably
00:15:06it is still the shipping that took our crude to that refinery
00:15:10and is bringing it back and is part of what is contributing to
00:15:14the cost, high cost of fuel, why
00:15:18do you not just give the crew direct to
00:15:21dangote and dangote will refine it and give direct? to
00:15:25Nigerians, they said they don't have enough, no, which is a problem that you guys have
00:15:29to deal with
00:15:30anybody that's looking at it, they pledged, no, they pledged the crude to
00:15:34borrow, where do you think that borrowing? but it's not
00:15:38only them, that has been a problem for a time, what
00:15:41did do when they came in, they
00:15:44exited the death and they were paying subsidy, that is
00:15:48what article is going to do, but it's tougher now, okay,
00:15:52anyway, tell us the difference, the difference is very clear,
00:15:55has
00:15:57made it clear he is not going to subsidize any imported
00:16:00fuel, so returning back
00:16:04to the import related subsidy, with
00:16:08corruption, APC corruption is
00:16:20articu wants to bring the subsidy because uh is
00:16:23trying to get the funding of uh, you know
00:16:27subsidy people, contractors who have
00:16:31been you know benefiting from subsidy to finance
00:16:35his his campaign so that when gets there if he
00:16:38wins, they will then through the uh uh
00:16:42uh the subsidy return make the money back, so that rumor is not
00:16:46true, it doesn't even make sense, because
00:16:50that
00:16:50was that was the boss, that is
00:16:51what i'm saying, article has nothing to do with import related
00:16:55subsidy, whatsoever, why are you talking about
00:16:58is only tinubu and APC, that will still be talking
00:17:02about that, because they are the ones who need that corrupt money for their renewed
00:17:06hope campaign? you can see they are still borrowing, even as i'm talking to you, they are
00:17:10negotiating 1.5 billion dollars
00:17:12anyway,
00:17:17said the paradigm has
00:17:19shifted, we are no longer an
00:17:22important nation in oil, we are now an
00:17:26exporting nation because we have our refinery,
00:17:29dangote is producing and has
00:17:33assured he can produce all the domestic need of
00:17:35dinger, he said he needs about
00:17:38700 thousand barrels of oil per day, he's
00:17:42getting about 20% locally, so he still
00:17:46sousing about, so
00:17:49what he's getting,
00:17:532%, is nothing, so he's still importing
00:17:57about 500,000 barrels per
00:18:00day, that was why i said that even if dangote
00:18:04starts walking, we will not get our... were
00:18:07cheap because he imports the crude, which
00:18:11is subject to the vegeries of international prices, right? he does not
00:18:15have power, there's no electricity, he makes independent
00:18:19provision for that, he does not have security, so he makes
00:18:23independent security for his staff and for his equipment,
00:18:27the interest rate is high, he borrows
00:18:31at about 30% or more, when you check all
00:18:35those things, the cost of...
00:18:37producing the barrel
00:18:40in the first place
00:18:41is about $30, but you guys can't
00:18:43think this
00:18:46thing, in
00:18:48case, you can't change all these things that you
00:18:51mentioned, look at what
00:18:54article do, assuming without
00:18:58considering that tin borrowed all this
00:19:01money,
00:19:02for instance to exit us from the
00:19:05liability that was placed on. do oil, we wouldn't
00:19:09have been owing anything extra, does he have that option?
00:19:13no, so you're saying that the four says should be paid off,
00:19:16nobody, nobody will compel you on how you will pay your
00:19:20debts, it depends on the agreement, no, whatever is the agreement, you can exit,
00:19:24if i'm owing you $3,00, yeah, if i'm owing you
00:19:28$3 billion dollars, yeah, based on my oil, yeah,
00:19:31why did i enter in the agreement, because needed, you needed
00:19:35dollars, good, yeah, so if i say giving you your $3 billion dollars, you will say
00:19:39no, but first of all,
00:19:42so so what I'm trying to tell you, assuming that in has the
00:19:46milk of human kindness and what he's borrowing,
00:19:50he borrowed to exit us from what
00:19:53is alien on our own oil,
00:19:57crude oil, in order that we can use the crude oil the way we
00:20:01want, we wouldn't have been owing anything more, there won't be any increase in
00:20:21not a problem, provided you
00:20:25know how to cut your cost of governance, the
00:20:29problem in Nigeria is the bogus
00:20:33governance cost of governance that tinubu is
00:20:36applying. a poor and distressed economy, he has 48
00:20:40ministers, nobody has had it before, so given any
00:20:44indication of how he's going to cut government, he has told he is going to
00:20:48is going implement report.
00:20:58and in his regime they cut cost of governance, in his regime they pay
00:21:02subsidy, in his regime they exited international death, do you learn how to be
00:21:06left-handed in your
00:21:11and he was the head the economic, good, so
00:21:15don't so the article subsidy is very simple, all
00:21:19right? supply crude right to
00:21:23dangote and the local refineries and
00:21:26supply to them at affordable
00:21:34just so we interrogate it so so day to the people have done that for
00:21:38a bit when you w doing the n for uh no they have not done
00:21:41that
00:21:42they handed it but this the major problem seems
00:21:46to be yes we don't have that
00:21:50crude enough to give local refineries all right,
00:21:54so how how how does the article plan respond to that?
00:21:57we don't have, that's just where
00:21:59a lot
00:22:00of people
00:22:00a lot of people who are not economically you know
00:22:04sound or who are mischiviously misplaying
00:22:06economics, they said um the 1.8
00:22:10million barrels is not for us only that is
00:22:14there a jv that what we are getting is this no they are not
00:22:17mischivous okay now
00:22:21the jv is interested in their money, yes, so if you give them money, what
00:22:24else? what do you mean money? what i'm saying is that if the
00:22:28price of oil, yes, is settled at certain dollar
00:22:32per barrel, yes, and good, and you pay them, would they
00:22:36say they will not sell to you, the government, they must sell to a
00:22:40company outside, when you are saying that that we can buy
00:22:44from them, absolutely, okay, that is that subsidy article is
00:22:48telling you, i see so the JV cannot insist,
00:22:51we are producing 1.8 million barrels and we need
00:22:557000 barrels
00:23:17is going to solve the problem of uh not
00:23:20enough domestic crew to give the
00:23:23refineries is to say that, okay, look, we
00:23:26want to take from the portion
00:23:30the JVC if
00:23:33we need to,
00:23:34oh well, apparently we do, that's what I'm saying, if we need to, yeah, yeah,
00:23:38because because because apparently we do, that's what I'm saying, if we
00:23:41need to, because our audience
00:23:45understand, good, that we will then, we will now ask the JVCs to say
00:23:49that, look, sir... to us that uh
00:23:53could
00:23:54you know instead of selling it internationally, that's what I'm
00:23:57saying, whatever must satisfy the
00:24:00domestic market, you must
00:24:04sell to the domestic market, but it will be as international
00:24:08price, remember means that
00:24:11Nigeria is good a partner to it almost like
00:24:1450/50, yeah, well 60-40 here and good,
00:24:18so what it means? is that Nigeria has its own share,
00:24:22yes the JV, which is not enough, that is what I'm
00:24:26saying, so whatever is remaining, Nigeria has the right to say we
00:24:30can buy this, okay, and supply, that's the subsidy we're talking about,
00:24:33but if if it means discounting it,
00:24:37but but I'm saying that you you will buy it international, are you going to impose the price on on the
00:24:41gises, now even if you buy it at international
00:24:44price and supply to the refineries, they
00:24:48will still give you fuel and...
00:24:50you i the chiper rate because there will be no shipping that they will
00:24:53have to that is part of your
00:24:58okay am telling own subsidy that that we is must what oil
00:25:01good because the our production
00:25:04capacity pay a per days 1.8
00:25:08million but where are you going to get the money to pay the jvc and that is
00:25:12exactly
00:25:13going to have to pay them hold on tinubu granted 34
00:25:17trillion naira 2020 f alone on import
00:25:21weaver, so assuming you
00:25:25say no, reduce your imports and import
00:25:29only the things that are important and stop
00:25:32that,
00:25:37just giving us assumption, it's
00:25:38not assumption, i've told you that cost of
00:25:40governance, the priority
00:25:44is making fuel affordable, so every other
00:25:47thing we are spending, secondary will be secondary,
00:25:51okay, and I'm telling you that
00:25:53there are a lot of things th is doing, which
00:25:57is sc towards giving subsidy to the
00:26:00rich, to the privileged. remove
00:26:03it and you have already doubled the money. okay,
00:26:07all right, i want
00:26:08you to for the consequential, remember consequential
00:26:11adjustment in the price of
00:26:15crude, you will
00:26:28my guest was prince ad,
00:26:33the SDP presidential candidate and he
00:26:36said that look the
00:26:39the the refineries, our
00:26:41the public refinaries, the refinaries in carduno, the two in
00:26:44porakot and worry, he says, they
00:26:48can work,
00:26:51he he implied that the reason why they have not worked is because the government
00:26:55the day does not want
00:26:56it to work, so he said
00:27:00and you know, and this is one point that I have also said, and you this is going to lead my
00:27:03question, that is just a question of corruption that they are not
00:27:07allowing it to work, of course he said that is going to make it at, it's going to make
00:27:11sure that the f price comes to 200, by ensuring that the
00:27:15oil theft you know is taken care of, and then what is being
00:27:18storing is going to be directed to domestic crew, so everybody is looking at
00:27:22domestic crew, which is a good thing, but my question Ken is
00:27:26that what is article going to do about
00:27:30the corruption that has happened? in the oil
00:27:34sector, especially specifically regarding the
00:27:36subsidy, not just that is going to, he says he's going to
00:27:40end it, is article going to impose
00:27:43consequences for the past cities
00:27:46can, good, first of all, let me
00:27:50agree withole that it is
00:27:54corruption that cripple the oil
00:27:56industry,
00:28:02nation on the floor the senate that there is
00:28:06210 trillion unaccounted for by
00:28:09NMPC, as matter of fact, they issued
00:28:13the bedge warrant for the
00:28:17previous MD of NMPC, alive for
00:28:20dead, this is own statement, and in the
00:28:24general senate, the senator
00:28:27senate made him to withdraw the bench
00:28:31warrant.
00:28:32"i wanted to know when corruption is
00:28:34systemic,
00:28:37sorry, can you imagine that tinubu's
00:28:41government
00:28:43has invested more than 1.5 billion
00:28:47dollars and $3 billion dollars if you go
00:28:51back to buhari's regime
00:28:54and the defineries did not work and they are not working and you
00:28:57think is not enough to
00:29:00probe." what i
00:29:04saying? when removed subsidy first time, told
00:29:08him reverse it, because your refineries are all
00:29:11dead, so you cannot remove subsidy when you are importing
00:29:15100% to Nigeria,
00:29:18and the currency, your currency is not
00:29:21strong, and everything is subject to the dollars, that
00:29:25this will be on sustainable, so what is happening
00:29:29now today is that?
00:29:33is right, the refineries must work,
00:29:37because I remember I told then that when you remove something is when all the
00:29:40refinaries are working, so that you be sure that the
00:29:44local production has started operating
00:29:48and they are competing, I said, don't do it without
00:29:51competition, two things I recommended, let
00:29:55there be the refineness all be working so that you saturate the system with
00:29:59supply and remove monopoly, yeah if you
00:30:02check now, we are still talking about monopoly a little
00:30:05bit, because dangote is the only force, yeah, that is why the
00:30:09price is still there, so what we are saying,
00:30:13remember that, when they
00:30:17wanted to go, they privatized the refineries
00:30:21to this dangote, if dangote had taken those
00:30:25refineries six months, they would have said walking, he built new
00:30:28one from scratch that is r. as one
00:30:32the highest in the world for about the years, the
00:30:36years, so you can imagine already existing one, and
00:30:40by that time the we are not yet obsolid, yeah, so what
00:30:44article will do from the one,
00:30:48and it's not going to be like tin, okay, immediately articu is
00:30:51elected, he has about three, four months before
00:30:55bewarning, he will continue his
00:30:57consultation,